ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers
EVgo Inc

EVgo Inc (EVGO)

2.51
0.04
(1.62%)
Closed March 29 04:00PM
2.52
0.01
(0.40%)
After Hours: 07:40PM

Unlock more advanced trading tools

Join ADVFN today

Key stats and details

Current Price
2.52
Bid
2.47
Ask
2.52
Volume
2,472,636
2.44 Day's Range 2.62
1.88 52 Week Range 8.1599
Market Cap
Previous Close
2.47
Open
2.45
Last Trade
5
@
2.52
Last Trade Time
Financial Volume
$ 6,294,372
VWAP
2.5456
Average Volume (3m)
2,911,792
Shares Outstanding
301,515,649
Dividend Yield
-
PE Ratio
-156.94
Earnings Per Share (EPS)
-0.09
Revenue
54.59M
Net Profit
-27.58M

About EVgo Inc

EVgo owns and operates a public direct current fast charging network in the U.S. EVgo's network of charging stations provides electric vehicle charging infrastructure to consumers and businesses. Its network is capable of charging all EV models and charging standards currently available in the U.S. ... EVgo owns and operates a public direct current fast charging network in the U.S. EVgo's network of charging stations provides electric vehicle charging infrastructure to consumers and businesses. Its network is capable of charging all EV models and charging standards currently available in the U.S. EVgo partners with national and regional chains of grocery stores, automotive original equipment manufacturers (OEMs), hotels, shopping centers, gas stations, parking lot operators, local governments and independent property owners in order to locate and deploy its EV charging infrastructure. Show more

Sector
Gen Automotive Repair Shops
Industry
Gen Automotive Repair Shops
Website
Headquarters
Wilmington, Delaware, USA
Founded
1970
EVgo Inc is listed in the Gen Automotive Repair Shops sector of the NASDAQ with ticker EVGO. The last closing price for EVgo was $2.47. Over the last year, EVgo shares have traded in a share price range of $ 1.88 to $ 8.1599.

EVgo currently has 301,515,649 shares outstanding. The market capitalization of EVgo is $4.33 billion. EVgo has a price to earnings ratio (PE ratio) of -156.94.

EVGO Latest News

SLB Capital Advisors Advises on Sale Leasebacks For Leading EV Fast Charging Solutions Provider EVgo

SLB Capital Advisors Advises on Sale Leasebacks For Leading EV Fast Charging Solutions Provider EVgo PR Newswire NEW YORK, March 26, 2024 EVgo Leverages Strategic Capital Model to Grow Fast...

EVgo Opens First Public Fast Charging Site with Innovative Prefabrication Approach

First in series of charging stations leveraging accelerated deployment approach designed to reduce installation timelines and costs EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the...

Form 4 - Statement of changes in beneficial ownership of securities

SEC Form 4 FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIPFiled pursuant to Section 16(a) of the Securities Exchange...

Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]

19580000019580000000018211592023FYfalsehttp://fasb.org/us-gaap/2023#RevenueFromContractWithCustomerExcludingAssessedTaxhttp://fasb.org/us-gaap/2023#RevenueFromContractWithCustomerExcludingAssessedT...

Form 144 - Report of proposed sale of securities

="/Images/box-unchecked.jpg" alt="Checkbox not checked">1936302/01/2024NA* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the...

Form 8-K - Current report

0001821159false0001821159us-gaap:CommonClassAMember2024-03-062024-03-060001821159evgo:RedeemableWarrantsForClassCommonStockMember2024-03-062024-03-0600018211592024-03-062024-03-06​UNITED...

EVgo Inc. Reports Fourth Quarter and Full Year 2023 Results

Revenue reached $50.0 million in the fourth quarter, representing an increase of 83% year-over-year. For the full year 2023, revenue reached $161.0 million, an increase of 195% over full year...

U.S. Stock Futures Gain Ahead of Economic Insights; Oil Prices Climb

U.S. index futures signal a higher opening after two days of declines, with the market focusing on the ADP survey and the Fed’s Beige Book, seeking clues about the future economy and...

PeriodChangeChange %OpenHighLowAvg. Daily VolVWAP
10.031.204819277112.492.622.23531224782.37211505CS
4-0.28-102.83.372.23535298122.69947362CS
12-0.63-203.153.371.9329117922.5918476CS
26-0.73-22.46153846153.253.831.8829373372.78028016CS
52-3.08-555.68.15991.8833102153.79360404CS
156-12.48-83.21519.58881.8834469348.11682602CS
260-12.48-83.21519.58881.8834469348.11682602CS

Market Movers

View all
  • Most Active
  • % Gainers
  • % Losers
SymbolPriceVol.
AVTXAvalo Therapeutics Inc
$ 22.08
(364.84%)
31.9M
NXLNexalin Technologies Inc
$ 1.50
(92.31%)
11.67M
CEROCERo Therapeutics Holdings Inc
$ 3.112
(90.92%)
24.08M
BDRXBiodexa Pharmaceuticals PLC
$ 1.6201
(88.60%)
88.37M
KYCHKeyarch Acquisition Corporation
$ 12.30
(75.58%)
196.62k
BOLDBoundless Bio Inc
 14.25
(-76.24%)
767.63k
PMECPrimech Holdings Ltd
$ 1.2999
(-66.50%)
8.28M
TNXPTonix Pharmaceuticals Holding Corporation
$ 0.1816
(-44.45%)
21.92M
GMDAGamida Cell Ltd
$ 0.036
(-39.19%)
89.18M
NBSTWNewbury Street Acquisition Corporation
$ 0.042279
(-38.28%)
1.75k
NKLANikola Corporation
$ 1.035
(13.85%)
163.84M
GMDAGamida Cell Ltd
$ 0.036
(-39.19%)
89.18M
BDRXBiodexa Pharmaceuticals PLC
$ 1.6201
(88.60%)
88.37M
MARAMarathon Digital Holdings Inc
$ 22.56
(2.22%)
86.14M
AKANAkanda Corporation
$ 0.1166
(-29.29%)
80.34M

EVGO Discussion

View Posts
glenn1919 glenn1919 3 weeks ago
EVGO.......................................https://stockcharts.com/h-sc/ui?s=EVGO&p=W&b=5&g=0&id=p86431144783
👍️0
WeTheMarket WeTheMarket 3 weeks ago
EVgo Inc. Reports Fourth Quarter and Full Year 2023 Results
March 06 2024
Link to Press Release https://s27.q4cdn.com/370825096/files/doc_financials/2023/q4/2024-03-06-EVgo-Q4-and-FY2023-Earnings-Release.pdf
Link to Webcast https://events.q4inc.com/attendee/999843161
Link to Presentation https://s27.q4cdn.com/370825096/files/doc_financials/2023/q4/2024-03-06-EVgo-Q4-23-and-FY-23-Earnings-Presentation.pdf
Link to Prior (Q3 2023) Results https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173177446

Highlights
- Revenue reached $50.0 million in the fourth quarter, representing an increase of 83% year-over-year.
- For the full year 2023, revenue reached $161.0 million, an increase of 195% over full year 2022, and exceeding the high-end of the Company’s guidance range.
- Network throughput reached a record 50 gigawatt-hours (“GWh”) in the fourth quarter, an increase of 257% year-over-year.
- Network throughput for the full year 2023 increased to 130 GWh, representing growth of 189% over full year 2022.
- Ended 2023 with approximately 3,550 stalls in operation or under construction, including EVgo eXtend™ stalls, with over 260 new operational stalls added during the fourth quarter.
- Added over 110,000 new customer accounts in the fourth quarter and approximately 366,000 during 2023, reaching more than 884,000 overall at the end of the year.
- Net loss was $36.6 million for the fourth quarter of 2023 and $135.5 million for the full year 2023.
- Adjusted EBITDA1 was ($14.0) million for the fourth quarter of 2023, and ($58.8) million for the full year 2023, outperforming the high-end of the Company’s guidance range.
- EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the fourth quarter and full year ended December 31, 2023. Management will host a conference call today at 11:00 a.m. ET / 8:00 a.m. PT to discuss EVgo’s results and other business highlights.

Revenue reached $50.0 million in the fourth quarter of 2023, compared to $27.3 million in the fourth quarter of 2022, representing 83% year-over-year growth. For the full year 2023, revenue reached $161.0 million, compared to $54.6 million for the full year 2022, an increase of 195% year-over-year. Revenue growth was primarily driven by year-over-year increases in charging revenues and eXtendrevenue.

Network throughput increased to 50 GWh in the fourth quarter of 2023, compared to 14 GWh in the fourth quarter of 2022, representing 257% year-over-year growth. For the full year 2023, network throughput reached 130 GWh, reflecting an increase of 189% year-over-year. The Company added over 110,000 new customer accounts during the fourth quarter of 2023, bringing the overall number of customer accounts to more than 884,000 at the end of the year, an increase of 60% year-over-year.

“EVgo had a fantastic 2023 as we relentlessly focused on customer experience, a digital-first approach, and station development resulting in revenue growth that nearly tripled,” said Badar Khan, EVgo’s CEO. “Our throughput growth continues to significantly exceed growth in EVs in operation. We added over 930 new stalls during the year including opening the first NEVI-funded site in the U.S. in London, Ohio with the Pilot Company and GM. Utilization and throughput growth accelerated driven by retail and fleet drivers.”

Mr. Khan concluded, “EVgo passed an important inflection point in 2023 in that as a result of the utilization and throughput levels we are now seeing across our network, the installed base is now profitable on a stand-alone basis. In 2024, we are well positioned to continue to expand our network and increase revenues while continuing to realize operational leverage as we target Adjusted EBITDA2 breakeven in 2025.”

1 Adjusted EBITDA is a non-GAAP measure and has not been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For additional information, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in this release.
2 A reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (loss), the most directly comparable GAAP measure, is not provided because certain measures, including share-based compensation expense, which is excluded from Adjusted EBITDA, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For a definition of Adjusted EBITDA, please see “Definitions of Non-GAAP Financial Measures” included elsewhere in this release.

Business Highlights
- Stall Development: The Company ended 2023 with 2,990 stalls in operation, including 100 EVgo eXtend™ stalls. EVgo added more than 260 new DC fast - charging stalls during the quarter and over 930 over the full year.
- Network Utilization: Utilization on the EVgo network in December 2023 was over 19%, up from 8% in December 2022.
- Network Throughput: Average daily throughput per stall for the EVgo network was 201 kilowatt hours per day in December 2023, an increase of 179% compared to 72 kilowatt hours per day in December 2022.
- Fleet Charging: EVgo’s public fleet charging business continues to grow, as full year 2023 fleet throughput grew over five times above full year 2022 fleet throughput driven by rideshare.
- National Electric Vehicle Infrastructure Program (“NEVI”): EVgo and its eXtend™ partners opened the first and third sites in the country under the NEVI program in Ohio and Pennsylvania, respectively.
- EVgo eXtendTM: EVgo ended 2023 with 100 operational EVgo eXtend™ stalls.
- EVgo Autocharge+: Autocharge+ was approximately 17% of total charging sessions initiated in the fourth quarter and Autocharge+ charging sessions in the fourth quarter increased 191% compared to the fourth quarter of 2022.
- PlugShare: PlugShare reached over 4.6 million registered users and achieved 7.9 million check-ins since inception.

Financial & Operational Highlights

The below represent summary financial and operational figures for the fourth quarter of 2023.
- Revenue of $50.0 million
- Network Throughput1 of 50 gigawatt-hours
- Customer Account Additions of more than 110,000 accounts
- Gross Profit of $3.5 million
- Net Loss of $36.6 million
- Adjusted Gross Profit2 of $13.3 million
- Adjusted EBITDA2 of ($14.0) million
- Cash Flows Used in Operating Activities of $7.3 million
- Capital Expenditures of $34.8 million
- Capital Expenditures, Net of Capital Offsets2 of $21.8 million

The below represent summary financial and operational figures for the full year 2023.
- Revenue of $161.0 million
- Network Throughput1 of 130 gigawatt-hours
- Customer Account Additions of more than 366,000 accounts
- Gross Profit of $9.7 million
- Net Loss of $135.5 million
- Adjusted Gross Profit2 of $41.8 million
- Adjusted EBITDA2 of ($58.8) million
- Cash Flows Used in Operating Activities of $37.1 million
- Capital Expenditures of $158.9 million
- Capital Expenditures, Net of Capital Offsets2 of $122.8 million
1 Network throughput for EVgo network excludes EVgo eXtend™ sites.
2 Adjusted Gross Profit, Adjusted EBITDA, and Capital Expenditures, Net of Capital Offsets are non-GAAP measures and have not been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measure, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Financial Measures” included elsewhere in this release.
👍️0
Monksdream Monksdream 3 weeks ago
EVGO 10Q due March 6
👍️0
WeTheMarket WeTheMarket 1 month ago
EVgo to Report Fourth Quarter and Full Year 2023 Results on March 6, 2024
February 21 2024
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/93326574/evgo-to-report-fourth-quarter-and-full-year-2023-r

EVgo Inc. (Nasdaq: EVGO), (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced that it will release its fourth quarter and full year 2023 financial results on Wednesday, March 6, 2024. This release will be followed by a webcast hosted by members of the EVgo management team at 8:00 a.m. PT (11:00 a.m. ET).

EVgo Fourth Quarter and Full Year 2023 Webcast
When: Wednesday, March 6, 2024
Time: 8:00 a.m. PT (11:00 a.m. ET)
Live Webcast: https://investors.evgo.com/events-and-presentations

The call can also be accessed live over the telephone by dialing:
Toll Free: (800) 715-9871 (for U.S. callers)
Toll/International: (646) 307-1963 (for callers outside the U.S.)
Conference ID: 6304708

A copy of the press release with the financial results and the presentation discussed during the webcast will be available on the Investor Relations section of EVgo's website prior to the commencement of the webcast. An archive of the webcast will be available for a period of time shortly after the call on the Events & Presentations page in the Investor Relations section of EVgo’s website.

About EVgo

EVgo (Nasdaq: EVGO) is a leader in electric vehicle charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation’s largest public fast charging networks, featuring over 950 fast charging locations across more than 35 states, including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240221495220/en/

For Investors:
investors@evgo.com

For Media:
press@evgo.com
👍️0
WeTheMarket WeTheMarket 1 month ago
EVgo Inc. (EVGO) Upgraded to Strong Buy: Here's What You Should Know
Zacks Equity Research
Thu, Feb 15, 2024
https://finance.yahoo.com/news/evgo-inc-evgo-upgraded-strong-170006713.html
👍️0
WeTheMarket WeTheMarket 2 months ago
EVgo Announces Awardees of Second Annual National EV Charging Recognition Program, presented by Connect the Watts™
January 31 2024
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/93174569/evgo-announces-awardees-of-second-annual-national
👍️0
WeTheMarket WeTheMarket 2 months ago
EVgo Announces Certain Preliminary Financial and Operating Results, Anticipates Meeting or Exceeding 2023 Financial and Operating Guidance and Focuses on Building, Owning and Operating a Best-in-Class Public Charging Network
January 17 2024 - 07:00AM
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/93063187/evgo-announces-certain-preliminary-financial-and-o

Dennis Kish, EVgo’s Chief Operating Officer, appointed President to manage consolidated operations, business development, marketing and technology functions

EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced certain preliminary financial and operating results for fiscal year 2023. The Company announced preliminary 2023 throughput of approximately 130 gigawatt-hours (“GWh”). Utilization on the EVgo network in December 2023 was over 19% up from 15% in September 2023. EVgo ended 2023 with over 3,500 stalls in operation or under construction, including EVgo eXtend™ stalls.

EVgo anticipates reporting full year 2023 financial and operating results that meet or exceed the guidance ranges provided by the Company on November 8, 2023. The date and call details for EVgo’s fourth quarter and full year 2023 earnings call will be announced at a later date.

EVgo also announced today a simplified organizational structure under which the Company’s business development, marketing and technology functions will be streamlined and consolidated with operations, reporting to Dennis Kish, EVgo’s Chief Operating Officer, who in connection with this organizational realignment has been appointed President. Ivo Steklac, Chief Technology Officer, and Tanvi Chaturvedi, Chief Revenue Officer, will be departing the Company. Mr. Steklac will serve as a strategic advisor to the Company during a transition period and will depart during 2024. Ms. Chaturvedi is expected to remain in her role at EVgo through the end of February 2024.

The organizational realignment is designed to allow EVgo to focus on growing its core public charging network business, achieve operational efficiencies, improve the Company’s cost structure and accelerate progress toward EVgo’s growth and profitability goals.

“EVgo has continued to drive impressive throughput growth on our network and top-line growth across the Company as we remain relentlessly focused on delivering the ultimate customer experience and highest quality fast-charging solutions for EV drivers,” said Badar Khan, Chief Executive Officer of EVgo. “We believe this realignment and resource optimization will allow EVgo to become leaner and more focused on our owned and operated public charging network and will position us for acceleration towards achieving profitability targets while driving superior shareholder returns in the long run.”

Mr. Khan continued, “During his tenure at EVgo, Dennis has built a growth engine that has helped us to accelerate our deployments while making substantial enhancements to the customer experience. Given this track record, I am confident he is well positioned to take on this expanded role. Ivo was the founder of the tech program at EVgo and established EVgo as a technology leader in the EV charging space. We are grateful Ivo is staying to assist with a smooth transition and thankful for his contributions to EVgo’s success. We thank Tanvi for her contributions to EVgo and wish her well in her future endeavors.”

About EVgo

EVgo (Nasdaq: EVGO) is a leader in electric vehicle charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation’s largest public fast charging providers, featuring over 950 fast charging locations across more than 35 states, including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network, robust software products and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.
👍️0
WeTheMarket WeTheMarket 3 months ago
DOT announces $623 million in grants to support EV charging infrastructure
The grants will support 47 projects in 22 states and Puerto Rico.
By Clara McMichael
January 11, 2024
https://abcnews.go.com/amp/Business/dot-announces-623-million-grants-support-ev-charging/story?id=106265280
👍️0
WeTheMarket WeTheMarket 3 months ago
EVgo and Toyota Extend Agreement to Provide One Year of Complimentary Fast Charging to 2024 bZ4X Customers
January 10 2024
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/93007237/evgo-and-toyota-extend-agreement-to-provide-one-ye

After announcing its initial charging program for drivers of the 2023 bZ4X, EVgo and Toyota agree to extend offer of one year of complimentary charging on the nationwide EVgo fast charging network for the 2024 model year

EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced an extension of its agreement with Toyota Motor North America, Inc. (Toyota) to provide drivers who purchase or lease a new 2024 bZ4x with one year of complimentary fast charging on EVgo’s nationwide network.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240110395144/en/

First announced in February 2022, the ongoing collaboration between EVgo and Toyota to offer complimentary charging helps boost range confidence for EV drivers by unlocking access to EVgo’s owned and operated public fast charging network with stations from coast to coast.

“The expansion of our agreement is a testament to the convenience and accessibility of the EVgo network, as well as to our ongoing commitment to automaker collaborations that help spur the mass adoption of EVs throughout the country,” said Maggie Tallman, Senior Vice President, Business Development at EVgo. “Our collaboration with Toyota gives even more EV drivers access to our industry-leading charging network and the ability to plug in across the U.S.”

First-time EV drivers buying or leasing the bZ4X can also access EVgo’s customer support team, the EVgo Charging Crew—available 24/7—for help with account setup and commonly asked questions about charging.

“Charging is an essential part of owning an EV, and we’re pleased to offer our customers who purchase or lease our bZ4X vehicles the convenience and accessibility made available by EVgo,” said James George, General Manager of EV Charging Solutions at Toyota Motor North America. “Our ongoing collaboration with one of the nation’s largest public fast charging companies enables us to grant bZ4X drivers access to EVgo’s extensive nationwide network.”

For more information about the EVgo charging network, visit www.evgo.com.

View Terms and Conditions for program details.

About EVgo

EVgo (Nasdaq: EVGO) is a leader in charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation’s largest public fast charging providers, featuring over 950 fast charging locations across more than 35 states, including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network, robust software products and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240110395144/en/

For Investors:
investors@evgo.com

For Media:
press@evgo.com
👍️0
WeTheMarket WeTheMarket 3 months ago
Biden administration urged to increase electric vehicle infrastructure
As demand for EVs falls, experts say more high-speed charging ports are needed
By Bret Baier, Amy Munneke Fox News
Published December 29, 2023
https://www.foxnews.com/politics/biden-administration-urged-increase-electric-vehicle-infrastructure
👍️0
barnyarddog barnyarddog 3 months ago
First federally funded EV charging ports installed in Madison County

https://www.dispatch.com/story/business/automotive/2023/12/14/first-federally-funded-ev-charging-ports-installed-in-madison-county/71918409007/
👍️ 1
WeTheMarket WeTheMarket 4 months ago
Electric Vehicle Charger Market to Surge by USD 42.39 Billion (2024-2028): Driving Green Innovation and Infrastructure Development Globally
Published December 11, 2023
https://www.linkedin.com/pulse/electric-vehicle-charger-market-surge-usd-4239-billion-2024-2028-0d6uc
👍️0
WeTheMarket WeTheMarket 4 months ago
First EV charging station from Biden’s infrastructure plan opens in Ohio
By Zachary Visconti
Posted on December 11, 2023
https://www.teslarati.com/first-ev-charging-station-biden-infrastructure-plan-ohio/

The first electric vehicle (EV) charging station from U.S. President Joe Biden’s infrastructure plan has officially opened in Ohio, with several other sites reportedly having broken ground.

On Monday, the White House shared a press release highlighting Ohio’s recent opening of the first EV charging station from Biden’s National Electric Vehicle Infrastructure (NEVI) program, as located at a Pilot Travel Center in Madison County, west of Columbus. The station was installed by EVgo, featuring four charging stalls for up to 350 kW when a single EV is charging, or 175 kW when four EVs are charging.

Ohio expects to receive as much as $140 million in NEVI funds, as distributed over the course of five years, and the state says the first batch of EV fast-chargers funded by the program are expected to open by the end of next year.

“For years, our team has trailblazed the expansion of electric vehicle infrastructure, becoming a model for other states implementing the NEVI program,” ODOT Director Jack Marchbanks said in the state’s press release. “America’s first new charging station puts us one step closer to making travel easier for EV drivers.”

In addition to the charging station in Ohio, the White House says that Vermont, Pennsylvania and Maine have also broken ground on their first NEVI-funded charging station. Along with these, the Biden administration says that more activity in several other states is expected in the weeks to come.

The program, created by the Bipartisan Infrastructure Bill in 2021, aims to establish 500,000 public EV chargers across the U.S. by 2030, with a total of $7.5 billion going to EV charging, and $5 billion going to high-speed chargers. The program eventually hopes to build fast chargers along every 50 miles of major roads, highways and interstates.
👍️0
WeTheMarket WeTheMarket 4 months ago
Full Charge: The Economics of Building a National EV Charging Network
DECEMBER 11, 2023
https://www.whitehouse.gov/briefing-room/blog/2023/12/11/full-charge-the-economics-of-building-a-national-ev-charging-network/

The President’s modern American industrial strategy seeks to address market failures that prevent the U.S. economy from serving the nation’s economic and national security needs, including by building a clean energy economy. Transportation accounts for the largest share of U.S. greenhouse gas emissions (about a third), with most transportation emissions coming from light-duty vehicles—the cars, small trucks, and vans that many of us drive. Meeting the President’s goal of net zero emissions by 2050 will require large-scale adoption of electric vehicles (EVs), which can produce fewer—or zero—emissions.

The U.S. consumer market for EVs is rapidly growing. In the third quarter of 2023, EV and hybrid sales amounted to 18 percent of U.S. light duty vehicle sales; over the year, Americans bought one million fully electric vehicles, a new record. President Biden is supporting this growing demand by setting ambitious goals for accelerating the EV transition through his Investing in America agenda. Through the Inflation Reduction Act, he has worked with Congress to lower the price of new and used EVs by thousands of dollars and to incentivize American EV and battery manufacturing, attracting more than $152 billion of investment into the sector since taking office.

Market research indicates that overall consumer satisfaction with electric vehicles is very high. In fact, 80 percent of EV owners are likely to buy an EV again based on ease of charging at home, driving enjoyment, vehicle quality and reliability, and the low cost of ownership. Still, survey data reveal that lack of public charging availability is one of the main reasons causing people not to consider an EV for their next vehicle purchase. Other related issues include concerns about how far EVs can drive on a charge, about whether chargers will be available and working, and about the amount of time it takes to charge. Economic research indicates that investing in an extensive EV charging network that supports a variety of EV models is a relatively cost-effective way to overcome the market failures limiting EV adoption. To this end, the President has invested $7.5 billion from his Bipartisan Infrastructure Law towards building a national network of EV chargers.

The Administration’s approach to public investment in EV charging provides a case study for how Bidenomics is delivering for Americans by making smart public investments that attract private sector investment, supporting fair competition, and encouraging a domestic industry that supports good, union jobs.

Making Strategic Public Investments
The root of the charging network challenge is a classic market failure: the “which comes first” (“chicken or egg”) problem. On one hand, consumers are wary of buying EVs without enough charging infrastructure to support them, limiting demand. On the other hand, firms are reluctant to invest in charging infrastructure without enough EVs to support that investment, limiting supply. Even though empirical research shows that there are increasing returns and positive feedback loops with respect to both EV demand and EV charger investment, no single market actor has sufficient incentive to build out a national charging network at a pace that meets our climate goals. For this reason, according to one analysis, public investment in EV chargers is a cost-effective way to increase EV adoption. Research on Norway’s EV incentives suggests that policies that increase access to charging stations may be among the best policies to increase EV sales.

President Biden’s Investing in America agenda is making public investments to harness the benefits that come from a strong network of EV chargers. President Biden has committed to building a national network of at least 500,000 public chargers by 2030. To this end, the Bipartisan Infrastructure Law invests $7.5 billion in EV charging, $5 billion of which is for building a “backbone” of high-speed chargers spaced no less than every 50 miles along America’s major roads, freeways, and interstates through the National Electric Vehicle Infrastructure (NEVI) program. The remaining $2.5 billion is for competitive grants to states and localities to fill gaps along charging corridors and to provide convenient, accessible charging where people live, work, and shop through the Charging and Fueling Infrastructure (CFI) program. The President also secured a tax credit in the Inflation Reduction Act to make it more affordable for individuals and businesses to install chargers for personal, employee, commercial, or customer use.

Implementation is already underway. All 50 states plus Puerto Rico and the District of Columbia have developed detailed plans for building the necessary infrastructure in their jurisdictions, and many states have begun issuing proposals or awarded contracts for installing NEVI-funded chargers. Ohio has now announced the opening of the first charging station funded through the NEVI program, Vermont, Pennsylvania, and Maine have broken ground on new stations, and additional activity is expected in several other states in the coming weeks.

Supporting Fair Competition
President Biden has implemented proactive policies to ensure that the future U.S. EV charging market is competitive and fair. A problem with the current EV charging network is that there are multiple types of chargers and plugs in use, meaning that certain chargers work only with specific EV models. As a result, EV owners cannot tap into the full network of public chargers that already exists. A recent analysis found that between 2011 and 2015, consumers suffered a loss valued at $400 million due to the lack of a common charging standard. Since 2015 the loss has likely only grown in magnitude, as the EV and charging markets have continued to expand without resolution of the incompatibility.

To tackle this problem, the Biden-Harris Administration established minimum standards for all EV chargers funded through certain federal programs, which also make sure that these standards embody the best technologies. These minimum standards for the NEVI and CFI programs require fast charging stations to support the widely-used Combined Charging System, while providing flexibility for chargers to support the Tesla-developed North American Charging Standard, which is rapidly increasing in popularity. The Administration’s minimum charging standards also require charging pricing to be transparent and for chargers be available and working when people need them.

To help ensure that chargers are reliable while creating good jobs for American workers, electricians who install and maintain chargers must be certified through the Electric Vehicle Infrastructure Training Program. Through the Administration’s Infrastructure Talent Pipeline Challenge, the International Brotherhood of Electrical Workers has already trained about 20,000 individuals to install EV chargers across the country.

Crowding in Private Investment and Creating Good Jobs
The Bipartisan Infrastructure Law provides a down payment on establishing a nationwide EV charging network. It is designed to incentivize private investment in combination with the Inflation Reduction Act’s tax credits.

A recent study from the National Renewable Energy Lab estimated that in order to meet anticipated charging needs by 2030, a cumulative investment of between $31 and $55 billion for about 1.2 million publicly accessible charging units will be required (on top of about 28 million home charging units). As of March 2023, more than $25 billion had already been announced, putting the United States well on track to meet these investment needs. Additionally, seven major automakers announced a new cooperative effort earlier this year to build 30,000 new chargers starting next summer, drastically increasing the total number of public EV chargers (Figure 1). As of December 2023, the United States has more than 165,000 public charging ports—since the start of the Biden Administration, the number of publicly available fast charging ports has increased by more than 70 percent.

All charging infrastructure eligible for Bipartisan Infrastructure Law grants must be manufactured in America, using domestically produced iron and steel. Starting in July 2024, chargers funded by federal money will also need to source the majority of their components from American manufacturers. Phasing in these requirements over a limited time both accelerates growth of American manufacturing capacity for these chargers and gives manufacturers reasonable time to reorient supply chains and construct needed facilities.

Just three years ago, there was almost no U.S.-based production of fast chargers; now there are at least 26 firms manufacturing these products within the United States. Since President Biden took office, at least 40 U.S. based facilities to produce EV chargers have been announced or opened. As of September 2023, these facilities now have the capacity to produce more than a million charging stations each year—including 60,000 fast chargers.

These investments create good jobs in manufacturing for American workers and support the jobs of the additional 130,000 Americans who are already working in jobs related to EVs by building out charging capacity.

Conclusion
Publicly accessible EV chargers will play a key role in enabling the United States to meet its climate goals by accelerating consumer EV adoption. The benefits of these investments will be amplified by complementary investments through the Bipartisan Infrastructure Law and Inflation Reduction Act. For example, through the Bipartisan Infrastructure Law, the Administration is investing in establishing clean, modernized power grids across the country, while the Inflation Reduction Act gives the Department of Energy funds to move towards generating more electricity from clean sources. These investments will lower the emissions produced in order to generate a given amount of electricity. The tax incentives in the Inflation Reduction Act also lower the cost of purchasing an electric vehicle at the point-of-sale and facilitate the installation of personal EV chargers.

This approach—implementing a complementary set of investments to address market failures across an industry—is a case study of how President’s economic strategy works for American businesses, consumers, and workers, by making smart investments that attract private sector investment, supporting high-quality jobs, and ensuring that markets are fair and competitive.
👍️0
WeTheMarket WeTheMarket 4 months ago
Ultium Pilot / Flying J Update #08 (Electric Vehicle Charging)

The Network Architect Channel
665 subscribers
Posted 9 days ago

👍️0
WeTheMarket WeTheMarket 4 months ago
Congress provided $7.5B for electric vehicle chargers. Built so far: Zero.
The sluggish rollout could undermine President Joe Biden’s reelection messaging promoting electric vehicles.
By JAMES BIKALES
12/05/2023
https://www.politico.com/news/2023/12/05/congress-ev-chargers-billions-00129996

Congress at the urging of the Biden administration agreed in 2021 to spend $7.5 billion to build tens of thousands of electric vehicle chargers across the country, aiming to appease anxious drivers while tackling climate change.

Two years later, the program has yet to install a single charger.
👍️0
WeTheMarket WeTheMarket 4 months ago
Pilot Travel Centers LLC, General Motors and EVgo Make Convenient, Accessible Charging a Reality with Opening of First Stations in Coast-to-Coast EV Charging Network
December 05 2023
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/92727053/pilot-travel-centers-llc-general-motors-and-evgo

Highlights
- At least 25 locations offering 100 fast charging stalls by end of year; approximately 200 locations targeted by end of 2024
- Pilot and Flying J travel centers feature 24/7 amenities, including 350kW chargers, onsite staff monitoring and more
- Network designed to improve range confidence and enable nationwide EV road travel
👍️0
WeTheMarket WeTheMarket 4 months ago
EVgo and Meijer Expand Fast Charging Partnership through EVgo eXtend
November 29 2023
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/92677486/evgo-and-meijer-expand-fast-charging-partnership-t

Through its white label service offering, EVgo will install and operate fast chargers owned by Meijer to serve EV drivers in the Midwest

EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced it will install new fast charging stations in the Midwest in an expanded partnership with Meijer, a regional grocery retailer. The new EVgo stations will be built in Ohio and feature up to six stalls at select Meijer locations, equipped with high-power 350kW chargers so that EV drivers can quickly charge and get back on the road.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231129093002/en/

The extended partnership builds upon EVgo and Meijer’s existing relationship and will help increase access to public charging for current and future EV drivers in the Midwest. To date, EVgo has deployed 24 charging stalls at six Meijer locations across Michigan and Ohio, including key metropolitan markets, such as Detroit, Cincinnati and Columbus.

“EVgo has always operated with a customer-centric focus, and we have a long history of building infrastructure in convenient locations where the charging experience can be integrated into our drivers’ daily lives. Grocery stores are a prime location for drivers to plug in to fill their cars and carts at the same time,” said Dennis Kish, Chief Operating Officer at EVgo. “By partnering with Meijer, we can help EV drivers across the Midwest take advantage of convenient public charging while they take care of their shopping list.”

“Meijer cares about the communities we serve and enabling electric vehicle charging in our communities aligns with our commitment to reduce carbon emissions,” said Erik Petrovskis, Director of Environmental Compliance and Sustainability at Meijer. “We’re excited about this expanded partnership with EVgo to continue to meet the needs of EV drivers in the Midwest.”

With more than 500 supercenters, Meijer Grocery, neighborhood markets and Express locations across Michigan, Ohio, Indiana, Kentucky, Illinois and Wisconsin, Meijer is not only a leading retailer in the Midwest, but a leader in sustainability, as well. Meijer has offered EV charging at select stores and on its corporate campus since 2010, and this broadened partnership with EVgo is another step in the retailer’s path to achieve its sustainability goals.

For more information about the EVgo fast charging network, visit www.evgo.com.

About EVgo

EVgo (Nasdaq: EVGO) is a leader in charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation’s largest public fast charging providers, featuring over 950 fast charging locations across more than 35 states, including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network, robust software products and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.

About Meijer

Meijer is a Grand Rapids, Mich.-based retailer that operates more than 500 supercenters, Meijer Grocery, neighborhood markets and Express locations throughout Michigan, Ohio, Indiana, Illinois, Kentucky and Wisconsin. A privately-owned and family-operated company since 1934, Meijer pioneered the "one-stop shopping" concept and has evolved through the years to include expanded fresh produce and meat departments, as well as pharmacies, comprehensive apparel departments, pet departments, garden centers, toys and electronics. For additional information on Meijer, please visit www.meijer.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231129093002/en/

EVgo Contacts
For Investors:
investors@evgo.com

For Media:
press@evgo.com
👍️0
WeTheMarket WeTheMarket 4 months ago
For EV customers, everything changes on January 1, 2024. The Treasury Department has now issued new rules that will turn the federal EV tax credit into what is basically a point of sale rebate. The new regs, published October 6, 2023, bring happy news for EV buyers.

“Under the Inflation Reduction Act, consumers can choose to transfer their new clean vehicle credit of up to $7,500 and their previously owned clean vehicle credit of up to $4,000 to a car dealer starting January 1, 2024. This will effectively lower the vehicle’s purchase price by providing consumers with an upfront down payment on their clean vehicle at the point of sale, rather, without having to wait to claim their credit on their tax return the next year. Only vehicles purchased under the consumer clean vehicle credits are eligible for this benefit.”

Link https://cleantechnica.com/2023/10/08/heres-what-happens-to-the-federal-ev-tax-credit-on-january-1-2024/
👍️0
WeTheMarket WeTheMarket 4 months ago
Hertz and EVgo Partner to Offer EV Renters One Year of Special Charging Rates
November 17 2023
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/92593781/hertz-and-evgo-partner-to-offer-ev-renters-one-yea

New promotion helps new EVgo customers unlock access to EVgo’s nationwide network of high-power fast chargers

Hertz (NASDAQ: HTZ) and EVgo Inc. (NASDAQ: EVGO) (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced a joint promotion to offer one year of special charging rates to drivers renting any EV model at a Hertz location across the country. Available exclusively to new EVgo customers, drivers who sign up for this promotion can save when they plug in across EVgo’s nationwide network with no monthly subscription fees or session fees for one year.*

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231117200436/en/

“Hertz is committed to providing an exceptional rental experience and the widest choice of vehicles possible to meet our customer needs and preferences, including a variety of EVs at a range of price points,” said Wayne Davis, Chief Marketing Officer at Hertz. “We’re thrilled to partner with EVgo to provide our EV renters with more affordable and accessible charging options to support a smooth journey.”

With fast charging locations from coast to coast, EVgo helps drivers quickly power up on the go with stations featuring charger speeds of up to 350kW. In addition to unlocking special rates, drivers who enroll in this promotion will also have access to a variety of other benefits on the EVgo network, including the ability to earn points toward charging credit with EVgo Rewards™.

“When people experience an EV for the first time, whether through a rental or riding along as a passenger, they see the benefits firsthand of quieter operation, smoother handling, quick acceleration, and of course, no tailpipe emissions,” said Maggie Tallman, Senior Vice President of Business Development and Solutions at EVgo. “By partnering with Hertz to expose new drivers to the electric experience, we can inspire more prospective EV drivers to make the switch and welcome them to the electric revolution.”

Hertz customers interested in signing up for this exclusive promotion with EVgo can learn more online. Hertz EV renters can also sign up for this promotion in person through a QR code when renting one of tens of thousands of EVs available at more than 2,000 Hertz locations across 44 states.

EVgo and Hertz are committed to educating consumers about the benefits of driving electric, as well as how to take advantage of public charging infrastructure. Similar to EVgo’s educational initiatives including Charge Talk and EV101, Hertz provides a variety of digital resources and in-person guidance on how to operate and charge an EV, including its new How to EV video series at hertz.com/myev.

To learn more about driving an EV and where to rent one, visit hertz.com. For more information about the EVgo charging network, visit www.evgo.com.

*Promotion is only available to new EVgo customers who sign up for an account with EVgo, for a limited time only. Rates will vary by region and time of day. Discount does not apply to taxes and fees, if applicable, and is only valid on the EVgo owned and operated network. Check the EVgo app for specific station pricing and terms.

About EVgo

EVgo (Nasdaq: EVGO) is a leader in charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. EVgo is one of the nation’s largest public fast charging providers, featuring over 950 fast charging locations across more than 35 states, including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network, robust software products and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.

About Hertz

Hertz, one of the most recognized brands in the world, has a long-standing legacy of providing a fast and easy experience designed to make every journey special. It starts with top-rated vehicles to fit every traveler’s needs, delivered with a caring touch and personalized services including its award-winning Hertz Gold Plus Rewards loyalty program, Ultimate Choice, Hertz app, and more. To learn more or to reserve a vehicle at an airport or a convenient neighborhood Hertz location, visit Hertz.com.

Hertz pioneered the car rental industry more than 100 years ago and today is owned by Hertz Global Holdings, Inc. which includes Dollar and Thrifty vehicle rental brands.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231117200436/en/

EVgo Contacts
For Investors:
investors@evgo.com

For Media:
press@evgo.com

Hertz Contacts
For Media:
mediarelations@hertz.com
👍️0
GorillaDaddy GorillaDaddy 4 months ago
100% I’ve been optimistic buy from from $4.30 down to $2.02 I’m loaded for a bit. Banking on next year being a bit better thank then dump fest.
👍️ 1
art2426 art2426 5 months ago
Yes, keep it going. Increasing their infrastructure, adding stalls and the future looks bright. This is just on the ground floor of what is ahead in the EV revolution with charging units needed all across the country and worldwide. AGAIN, this is just starting as all automakers have and will continue to incorporate this technology in their inventory. Maybe to the point of no more gas combustion vehicles. Who knows?
👍️ 1
WeTheMarket WeTheMarket 5 months ago
EVgo Inc. Reports Third Quarter 2023 Results
November 08 2023
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/92498443/evgo-inc-reports-third-quarter-2023-results

Highlights
- Revenue grew to $35.1 million in the third quarter, representing an increase of 234% year-over-year.
- Network throughput reached a record 37 gigawatt-hours (“GWh”) in the third quarter, an increase of 208% year-over-year.
- Ended the third quarter with approximately 3,400 stalls in operation or under construction, including EVgo eXtend™ stalls, with over 240 new stalls added during the quarter.
- Operationalized the first EVgo eXtend™ stalls with Pilot Company and GM.
- Added over 106,000 new customer accounts in the third quarter, reaching more than 785,000 overall at the end of the quarter.

EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the third quarter ended September 30, 2023. Management will host a conference call today at 11:00 a.m. ET / 8:00 a.m. PT to discuss EVgo’s results and other business highlights.

Revenue increased to $35.1 million in the third quarter of 2023, compared to $10.5 million in the third quarter of 2022, representing 234% year-over-year growth. Revenue growth was primarily driven by year-over-year increases in charging revenues and eXtend™ revenue.

Network throughput increased to 37 GWh in the third quarter of 2023, compared to 12 GWh in the third quarter of 2022, representing 208% year-over-year growth. The Company added over 106,000 new customer accounts during the third quarter, bringing the overall number of customer accounts to more than 785,000 at quarter-end, an increase of 58% year-over-year.

“EVgo’s growth engine is humming, with excellent year-over-year growth in revenues, throughput and utilization,” said Cathy Zoi, EVgo’s CEO. “We continue to deliver for our partners and customers. This quarter we opened the first EVgo eXtend™ stations at Pilot and Flying J locations, which are receiving great feedback from EV drivers. The EVgo team is making important progress on our network build out, customer experience, tech-enabled infrastructure, and ongoing cost efficiencies to develop the nation’s leading public fast charging company.”

Business Highlights

National Electric Vehicle Infrastructure Program (“NEVI”): EVgo and its eXtend™ partners were selected for proposed awards of $4.3 million in funding to deploy 32 fast charging stations in Colorado and Pennsylvania through their respective state NEVI programs.
Honda Agreement: EVgo and Honda partnered to provide EV drivers with direct access to EVgo’s public fast charging network and an EVgo charging credit of up to $750 for drivers of Honda and Acura EV models. Honda will also be integrating EVgo Inside™ as part of the agreement.
EVgo eXtendTM: During the third quarter, the Company operationalized the first fast charging sites in the eXtend™ program with Pilot Company and GM. EVgo also received the first shipment of 350kW fast chargers that are manufactured according to Build America, Buy America Act (BABA) standards.
Fleet Charging: EVgo’s public fleet charging business continues to grow driven by rideshare throughput. EVgo operationalized the first site for a national food and beverage company’s fleet, where they are utilizing Optima™, EVgo’s proprietary fleet management software.
EVgo Autocharge+: Autocharge+ exceeded 15% of total charging sessions initiated in the quarter and Autocharge+ charging sessions in the third quarter increased 67% compared to the second quarter of 2023.
PlugShare: PlugShare reached over 4.1 million registered users and achieved 7.4 million check-ins since inception. Pay with PlugShare, a technology feature that allows PlugShare users to pay for an EV charging session within the PlugShare app, launched in California in October 2023.

Financial & Operational Highlights

The below represent summary financial and operational figures for the third quarter of 2023.

Revenue of $35.1 million
Network Throughput of 37 gigawatt-hours
Customer Account Additions of approximately 106,000 accounts
Gross Profit of $0.6 million
Net Loss of $28.3 million
Adjusted Gross Profit of $9.3 million1
Adjusted EBITDA of ($14.2) million1
Cash Flows Used in Operating Activities of $7.3 million
Total Capital Expenditures of $24.0 million

1Adjusted Gross Profit and Adjusted EBITDA are non-GAAP measures and have not been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measure, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” included elsewhere in this release.

2023 Financial & Operating Guidance

EVgo is updating full year 2023 guidance as follows:

- Total revenue of $148 – $158 million
- Adjusted EBITDA of ($66) – ($62) million*

Additionally, at year-end 2023, EVgo expects to have a total of 3,400 – 3,700 DC fast charging stalls, including EVgo eXtend™, in operation or under construction.

*A reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (loss), the most directly comparable GAAP measure, is not provided because certain measures, including share-based compensation expense, which is excluded from Adjusted EBITDA, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For a definition of Adjusted EBITDA and a reconciliation to the most directly comparable GAAP measure for historical periods presented in this release, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” included elsewhere in this release.

Conference Call Information

A live audio webcast and conference call for EVgo’s third quarter 2023 earnings release will be held today at 11:00 a.m. ET / 8:00 a.m. PT. The webcast will be available at investors.evgo.com, and the dial-in information for those wishing to access via phone is:

Toll Free: (888) 340-5044 (for U.S. callers)
Toll/International: (646) 960-0363 (for callers outside the U.S.)
Conference ID: 6304708

This press release, along with other investor materials, including a slide presentation and reconciliations of certain non-GAAP measures to their nearest GAAP measures, will also be available on that site.

About EVgo

EVgo (Nasdaq: EVGO) is a leader in charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. Since 2019, EVgo has purchased renewable energy certificates to match the electricity that powers its network. As one of the nation’s largest public fast charging networks, EVgo’s charging network, including EVgo eXtend™ sites, includes more than 950 fast charging locations, 65 metropolitan areas and 35 states. EVgo continues to add more DC fast charging locations across the U.S., including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network, robust software products and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.
👍️0
barnyarddog barnyarddog 5 months ago
2.04 GM, EVgo surpass 1,000 fast charging installations

04 August 2023
https://electronics360.globalspec.com/article/20030/gm-evgo-surpass-1-000-fast-charging-installations
👍️0
WeTheMarket WeTheMarket 5 months ago
NEWS: California Set to Distribute $40 Million to Build 270 EV Fast Chargers.

That's $150,000 per charger. Tesla's Supercharger cost is estimated to be under $50k per stall. pic.twitter.com/MbsflWEy4q— Sawyer Merritt (@SawyerMerritt) October 28, 2023

👍️0
bcapps66 bcapps66 5 months ago
Today's downgrade brought to you by TD Cowen......https://www.tradingview.com/news/mtnewswires.com:20231025:A3008609:0-td-cowen-downgrades-evgo-to-market-perform-from-outperform-cuts-price-target-to-4-from-6/
👍️0
barnyarddog barnyarddog 5 months ago
2.19 About EVgo

EVgo (Nasdaq: EVGO) is a leader in charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. Since 2019, EVgo has purchased renewable energy certificates to match the electricity that powers its network. As one of the nation's largest public fast charging networks, EVgo's owned and operated charging network includes more than 900 fast charging locations, 60 metropolitan areas and 30 states. EVgo continues to add more DC fast charging locations across the U.S., including stations built through EVgo eXtend(TM), its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network, robust software products and unique service offerings for drivers and partners including EVgo Optima(TM), EVgo Inside(TM), EVgo Rewards(TM), and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.
👍️0
bcapps66 bcapps66 5 months ago
This thing is getting absolutely crushed! Down 35% in a month...f**k!!!! Hope there's some turn around soon.
👍️0
WeTheMarket WeTheMarket 5 months ago
EVgo to Report Third Quarter 2023 Results on November 8, 2023
October 18 2023
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/92309399/evgo-to-report-third-quarter-2023-results-on-novem

EVgo Inc. (Nasdaq: EVGO), (“EVgo” or the “Company”), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced that it will release its third quarter 2023 financial results on Wednesday, November 8, 2023. This release will be followed by a webcast hosted by members of the EVgo management team at 8:00 a.m. PT (11:00 a.m. ET).

EVgo Third Quarter 2023 Webcast
When: Wednesday, November 8, 2023
Time: 8:00 a.m. PT (11:00 a.m. ET)
Live Webcast: https://investors.evgo.com/events-and-presentations

The call can also be accessed live over the telephone by dialing:
Toll Free: (888) 340-5044 (for U.S. callers)
Toll/International: (646) 960-0363 (for callers outside the U.S.)
Conference ID: 6304708

An archive of the webcast will be available for a period of time shortly after the call on the Events & Presentations page in the Investor Relations section of EVgo’s website.

About EVgo

EVgo (Nasdaq: EVGO) is a leader in charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. Since 2019, EVgo has purchased renewable energy certificates to match the electricity that powers its network. As one of the nation’s largest public fast charging networks, EVgo’s owned and operated charging network includes more than 900 fast charging locations, 60 metropolitan areas and 30 states. EVgo continues to add more DC fast charging locations across the U.S., including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network, robust software products and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231018246215/en/

For Investors:
investors@evgo.com

For Media:
press@evgo.com
👍️0
WeTheMarket WeTheMarket 5 months ago
'It was a really good reality check': Ford's CEO admits EV charging was 'challenging' during road trip in F-150 Lightning — here are 3 big long-distance issues electric drivers face
Coryanne Hicks
Wed, October 18, 2023
https://news.yahoo.com/finance/news/charging-pretty-challenging-fords-ceo-110000710.html

Relevant excerpts:

Here are three of the biggest issues facing EV drivers when it comes to charging up for long trips.

Lack of charging infrastructure
Unless you use your vehicle only for short-distance trips, you'll need somewhere to recharge other than your home. But EV charging stations can be few and far between.

According to a recent study by Coast, a company that provides payment tools for vehicle-fleet owners, there are only 22 EV charging stations per 1,000 road miles in the U.S.; that’s compared to 104 gas pumps per 1,000 road miles. In many states, you won't even be able to find one charging station per 100 square miles. Moreover, many states have more registered EVs than they do charging ports. For example, the Coast study shows that Nevada has 49% more EVs than the national average but 19% fewer charging ports per square mile.

This doesn't account for the possibility that any number of these stations could be out of order, as the Canadian traveler mentioned above claimed happened to him during his trip.

Long charging times
The amount of time potentially wasted in looking for an EV charging station — and then waiting in line for your turn at the port — is only exacerbated by how long some chargers take. A fast-charging, direct-current station can charge an EV battery from empty to 80% in 20 minutes to an hour, according to the Department of Transportation. But that's still significantly longer than it takes to fill a tank with gas.

The lower-performance chargers are even worse. On a Level 2 AC charger, a step below the fastest chargers, it takes four to 10 hours to charge an EV battery to 80% from empty.

Farley posted a follow-up video to X from a fast-charging station in Baker, Calif., which he described as "quick and easy" compared to the previous one.

Range anxiety
Naturally, any EV owner taking a long trip will have to keep an eye on battery power and take note of charging stations in range, which can add anxiety while driving. It can be an even bigger concern in colder months, which can cut an EV's range due to increased power consumption. Consumer Reports found that cold weather cut the average range by about 25% when driving at 70 miles per hour. The effect of cold is even more pronounced if you're making short trips with frequent stops: in that situation, you could lose 50% of your range.

So if you do attempt a road trip with an EV, make sure you have all your charging stops mapped out and bring a good book because you could be in for a long wait.
👍️0
GorillaDaddy GorillaDaddy 6 months ago
Last numbers were great, I will continue investing until numbers are bad.
👍️0
Monksdream Monksdream 6 months ago
EVGO new 52 week low
👍️0
Monksdream Monksdream 6 months ago
EVGO new 52 week low
👍️0
WeTheMarket WeTheMarket 6 months ago
Good news for EVgo.

👍️ 1
TucsonPhil TucsonPhil 7 months ago
They just received a whole 10 new 350KW chargers from a domestic supplier. Wow. Why even say anything?
👍️0
WeTheMarket WeTheMarket 7 months ago
Related video.
Posted Sept 1, 2023

👍️0
sharky sharky 7 months ago
EVgo and Amazon Launch Seamless EV Charger Navigation Experience with Alexa:
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/91935936/evgo-and-amazon-launch-seamless-ev-charger-navigat


$EVGO
👍️0
WeTheMarket WeTheMarket 7 months ago
Listen, we know range anxiety is real. 🚘 🔌

EV sales have tripled under President Biden, and we’re determined to keep up that momentum.

That’s why we’ve released $7.5B💸 to make public charging stations more accessible and boost consumer confidence. pic.twitter.com/vcn0nM4KC8— Secretary Jennifer Granholm (@SecGranholm) August 25, 2023
👍️0
WeTheMarket WeTheMarket 7 months ago
EVgo Adds Rivian to Autocharge+, Welcoming the R1S and R1T to the Growing List of Eligible Models
August 15 2023
https://ih.advfn.com/stock-market/NASDAQ/evgo-EVGO/stock-news/91819158/evgo-adds-rivian-to-autocharge-welcoming-the-r1s
👍️0
WeTheMarket WeTheMarket 8 months ago
Man forced to ditch Ford EV truck during family road trip to Chicago: ‘biggest scam of modern times’
August 11, 2023
https://www.foxbusiness.com/technology/man-forced-ditch-115k-ford-ev-truck-family-road-trip-chicago-biggest-scam-modern-times

Dalbir Bala, who lives in the Winnipeg area, bought a Ford F-150 Lightning EV in January for $115,000 Canadian dollars (around $85,000 U.S. dollars), plus tax. Ford said the Manufacturers Suggested Retail Price (MSRP) on the vehicle is $77,495 U.S. dollars.

He told FOX Business he needed the vehicle for his work, but also wanted something suitable for recreational activities such as driving to his cabin or going fishing. He also wanted an environmentally friendly vehicle as owning one is "responsible citizenship these days."

But Bala was quickly hit with the reality of owning and operating an EV soon after the purchase. The vehicle compelled him to install two chargers – one at work and one at home – for $10,000. To accommodate the charger, he had to upgrade his home’s electric panel for $6,000.

In all, Bala spent more than $130,000 – plus tax.

Not long after the purchase, Bala got into a minor accident which, he said, required "light assembly" on the front bumper. Bala took the vehicle to the body shop and did not get it back for six months. He said no one from Ford answered his email or phone calls for help.

The limitations of the EV truck became even more apparent when Bala embarked on a chaotic 1,400-mile road trip to Chicago.

Fast charging stations – which only charge EV’s up to 90% – cost more than gas for the same mileage. On the family’s first stop in Fargo, North Dakota, it took two hours and $56 to charge his vehicle from 10% to 90%. The charge was good for another 215 miles.

On the second stop, in Albertville, Minnesota, the free charger was faulty and the phone number on the charging station was of no help, he said. The family drove to another charging station in Elk River, Minnesota, but the charger was faulty there as well.

"This sheer helplessness was mind-boggling," Bala wrote in an online post. "My kids and wife were really worried and stressed at this point."

There were no other fast charging stations within range of Elk River and his vehicle only had 12 miles left.

"By now it was late afternoon. We were really stuck, hungry, and heartbroken," Bala said.

Bala ultimately had the vehicle towed to a Ford dealership in Elk River and rented a regular gasoline-powered vehicle to complete the family’s trip to Chicago. The family picked up the F-150 Lightning on their way back to Winnipeg.

"It was in [the] shop for 6 months. I can’t take it to my lake cabin. I cannot take it for off-grid camping. I cannot take for even a road trip," Bala wrote. "I can only drive in city – biggest scam of modern times."

Bala told FOX Business he believes the government needs to do more to "provide consumers with the right information."

"People have to make the right choices. I want to tell everybody to read my story," he said. "Do your research before even thinking about it and make a wiser choice."

"The actual thing they promised is not even close. Not even 50%. And once you buy it, you're stuck with it and you have to carry huge losses to get rid of that. And nobody is there to help you."

Ford, in a statement to FOX Business, noted that driving ranges can be impacted by weather and geography, but also acknowledged some of the challenges facing the industry.

"This customer's experience highlights the urgent need to rapidly improve access to public charging across the US and Canada. Ford's EV-certified dealers will install public-facing DC fast chargers at their dealerships by early 2024, providing alternative charging options to those available today. Ford was also the first in the industry to gain access to over 12,000 Tesla Superchargers for Ford drivers."

GM also announced a deal with Tesla Supercharger stations starting early next year with the use of an adapter plug, giving them access to 12,000-plus chargers.

Then, in 2025, GM will start integrating Tesla's North American Charging Standard (NACS) connecter design in GM's EV vehicles so customers can plug into a Supercharger without needing an adapter.
👍️0
GorillaDaddy GorillaDaddy 8 months ago
Lots of opportunity in this stock—- 5.70 > 4.70 —- substantial discount for buyers.

Going to hang on to see if we can swing lower under $4.50
👍️0
Scotttrader80 Scotttrader80 8 months ago
This was very nice at $18.00, lots of folks were chattering then
👍️0
sharky sharky 8 months ago
September looks like a great month ahead, 12.65 52 week high latest news from GM shows strong partnerships.



$EVGO
👍️0
Pt3 Pt3 8 months ago
When 8 and when 10 and when 6
👍️0
sharky sharky 8 months ago
52 week high 12.64, looking for 8.00-10.00 price targets IMO



$EVGO
👍️0
AJ Freely AJ Freely 8 months ago
$EVGO - 👆Up 12.2% Pre-Market/ Current Price $4.80
👉Announces Leadership Succession Plan
👉Reports Record Q2 '23 Results
👉EVgo and General Motors Open 1,000th DC Fast Chargng Stall as Part of Metropolitan Charging Collaboration
👍️0
GorillaDaddy GorillaDaddy 8 months ago
Hey there been here a little bit. Just that this board doesn’t get much action it seems…. Holding 1250 shares, looking to load potentially another 200-400 within 3 days if price dips hoping I stop accumulating at 2000 shares in Total.

I think of Zoi stepping down as a positive change. change is good, a fresh mind with fresh ideas. No idea of a product ends up being what someone first thought, it morphs and changes as it needs to survive. Markets are demanding and we will adapt if survival and success is our goal.

👍️0
WeTheMarket WeTheMarket 8 months ago
GD, welcome to the EVGO board. Good earnings report and good earnings call. I am puzzled about the change in leadership, don't know what to make of it. Impressive AH reaction to earnings, but we'll have to wait until tomorrow to find out if it holds during regular trading.
👍️0
GorillaDaddy GorillaDaddy 8 months ago
So — no one here talking about this after hours runner and earnings kicking ass…. IHub feels dead and only for the OTC
👍️0
WeTheMarket WeTheMarket 8 months ago
EVGO INC. REPORTS RECORD SECOND QUARTER 2023 RESULTS
August, 02, 2023
Link to Press Release https://investors.evgo.com/news/news-details/2023/EVgo-Inc.-Reports-Record-Second-Quarter-2023-Results/default.aspx
Link to Presentation https://s27.q4cdn.com/370825096/files/doc_financials/2023/q2/2023-08-02-EVgo-2023-Q2-Earnings-Presentation.pdf

Summary
- Revenue grew to a record $50.6 million in the second quarter, representing an increase of 457% year-over-year.
- Network throughput reached a record 24.9 gigawatt-hours (“GWh”) in the second quarter, an increase of 147% year-over-year.
- Total network utilization was in the double digits in the second quarter.
- Ended the second quarter with approximately 3,200 stalls in operation or under construction, with 210 new stalls added to the EVgo network during the quarter.
- Added more than 82,000 new customer accounts in the second quarter, reaching approximately 688,000 overall at the end of the quarter.
- Won $13.8 million of Ohio NEVI funding for EVgo owned and EVgo eXtend sites, representing 75% of awarded funds.

LOS ANGELES--(BUSINESS WIRE)-- EVgo Inc. (Nasdaq: EVGO) (“EVgo” or the “Company”) today announced results for the second quarter ended June 30, 2023. Management will host a conference call today at 5:00 p.m. ET / 2:00 p.m. PT to discuss EVgo’s results and other business highlights.

Revenue increased to $50.6 million in the second quarter of 2023, compared to $9.1 million in the second quarter of 2022, representing 457% year-over-year growth. Revenue growth was primarily driven by year-over-year increases in eXtend™ revenue and charging revenues.

Network throughput increased to 24.9 GWh in the second quarter of 2023, compared to 10.1 GWh in the second quarter of 2022, representing 147% year-over-year growth. The Company added approximately 82,000 new customer accounts during the second quarter, bringing the overall number of customer accounts to 688,000 at quarter-end, an increase of 55% year-over-year.

“EVgo had a phenomenal second quarter with significant growth in key areas including stalls, throughput, customer accounts, utilization, and revenue,” said Cathy Zoi, EVgo’s CEO. “We are pleased to report EVgo’s network throughput growth is accelerating, demonstrating the leverage in our business and financial model as the auto sector rapidly electrifies. We continue to energize new stalls across the network and surpassed the double-digit utilization threshold for the quarter network wide. In addition, EVgo won 75% of Ohio’s NEVI awards and will put $13.8 million to work in EVgo-owned and EVgo eXtend sites across the state. Our results demonstrate the depth of our team and experience in developing, constructing, and operating a leading fast charging network.”

Business Highlights

- National Electric Vehicle Infrastructure Program (“NEVI”): EVgo and its eXtend™ partners were selected by DriveOhio, a division of the Ohio Department of Transportation, for proposed awards of $13.8 million in funding to deploy 20 fast charging stations in Ohio.
- GM Partnership: EVgo and General Motors opened the 1,000th stall under the program.
- EVgo eXtendTM: During the second quarter, the Company continued delivering charging equipment and began site mobilization for projects under the Pilot Flying J/GM program. The Company expects to have the first Pilot site operational in the third quarter of 2023.
- Fleet Charging: EVgo’s public fleet charging business continues to scale with growth in rideshare throughput from last quarter, largely driven by collaborative partnerships with Uber and Lyft. EVgo also launched a partnership with a major car sharing company to support their pilot of electric vehicles in San Francisco. In the Hubs sector, the Company operationalized a new dedicated charging hub site and broke ground on another dedicated hub in San Francisco with an existing AV partner.
- North American Charging Standard (“NACS”) Connectors: Announced plans to add NACS connectors to EVgo chargers.
EVgo Autocharge+: Autocharge+ exceeded 13% of total charging sessions initiated.
- PlugShare: PlugShare reached nearly 3.7 million registered users and achieved 6.9 million check-ins since inception. Signed a PlugShare deal with GM to provide comprehensive POI data for GM’s applications for its EV customers in several geographic regions, including North America, and South America for the next three years.
- Equity Issuance: The Company issued approximately 890,000 shares of Class A common stock with $5.7 million raised in net proceeds through its “at-the-market” equity offering program followed by the issuance of approximately 30.1 million shares of Class A common stock with $123.4 million raised in net proceeds through a primary equity offering.

Financial & Operational Highlights

The below represent summary financial and operational figures for the second quarter of 2023.

- Revenue of $50.6 million
- Network Throughput of 24.9 gigawatt-hours
- Customer Account Additions of approximately 82,000 accounts
- Gross Profit of $5.5 million
- Net Loss of $21.5 million
- Adjusted Gross Profit of $12.9 million1
- Adjusted EBITDA of ($10.6) million1
- Cash Flows Used in Operating Activities of $3.2 million
- Gross Capital Expenditures of $34.8 million

1 Adjusted Gross Profit and Adjusted EBITDA are non-GAAP measures and have not been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”). For a definition of these non-GAAP measures and a reconciliation to the most directly comparable GAAP measure, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” included elsewhere in this release.

2023 Financial & Operating Guidance

EVgo is updating full year 2023 guidance as follows:

- Total revenue of $120 – $150 million
- Adjusted EBITDA of ($78) – ($68) million*

Additionally, at year-end 2023, EVgo continues to expect to have a total of 3,400 – 4,000 DC fast charging stalls in operation or under construction.

*A reconciliation of projected Adjusted EBITDA (non-GAAP) to net income (loss), the most directly comparable GAAP measure, is not provided because certain measures, including share-based compensation expense, which is excluded from Adjusted EBITDA, cannot be reasonably calculated or predicted at this time without unreasonable efforts. For a definition of Adjusted EBITDA and a reconciliation to the most directly comparable GAAP measure for historical periods presented in this release, please see “Definitions of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Measures” included elsewhere in this release.

Conference Call Information

A live audio webcast and conference call for EVgo’s second quarter 2023 earnings release will be held today at 5:00 p.m. ET / 2:00 p.m. PT. The webcast will be available at investors.evgo.com, and the dial-in information for those wishing to access via phone is:

Toll Free: (888) 340-5044 (for U.S. callers)
Toll/International: (646) 960-0363 (for callers outside the U.S.)
Conference ID: 6304708

This press release, along with other investor materials, including a slide presentation and reconciliations of certain non-GAAP measures to their nearest GAAP measures, will also be available on that site.

About EVgo

EVgo (Nasdaq: EVGO) is a leader in charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. Since 2019, EVgo has purchased renewable energy certificates to match the electricity that powers its network. As one of the nation’s largest public fast charging networks, EVgo’s owned and operated charging network includes around 900 fast charging locations, 60 metropolitan areas and 30 states. EVgo continues to add more DC fast charging locations across the U.S., including stations built through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network, robust software products and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables a world-class charging experience where drivers live, work, travel and play.
👍️0

Your Recent History

Delayed Upgrade Clock